Risk assets shrugged off the failed weekend negotiations between the U.S. and Iran, and the U.S. blockade of the Strait of Hormuz.
Weekend panics followed by Monday reversals have become the norm in 2026, and the action over the last 48 hours has continued that pattern.
Down about 4% from late Saturday night into early Monday morning on news that U.S. Vice President J.D. Vance had left Pakistan without an Iran peace deal and President Trump’s ordering of a blockade of the Strait of Hormuz, bitcoin mostly erased those losses in Monday U.S. action.
Trading at #73,400 as U.S. stocks closed for the day, bitcoin was higher by more than 3% over the last 24 hours. Ether (ETH), solana (SOL) and XRP (XRP) were also in the green, though posting slightly smaller gains than BTC.
Leading crypto-related stocks higher were Circle (CRCL), up 11%, Gemini (GEMI), up 9%, and MARA Holdings (MARA) and Bullish (BLSH), each up just over 8%.
In traditional markets, the Nasdaq was higher by 1.2%, and WTI crude oil had pulled all the way back to $98 per barrel after topping $105 at one point on Sunday.
No let-up from Strategy
Away from Middle East issues, Michael Saylor’s Strategy (MSTR) continues to hoover up bitcoin at a mighty pace. The company last week bought 13,927 BTC for $1 billion. Interestingly, Saylor and team issued no common stock to fund the purchases, but instead $1 billion worth of their STRC preferred stock, which yields 11.5%.
The action today in STRC suggests more big buys are coming this week. Volume Monday on STRC (when checked just before 3 pm ET) was a record $770 million. With the stock continuing to trade at par, it suggests sizable additional issuance by Strategy, and thus more large bitcoin buys.